Saudi Arabian Mining Co (Maaden) said on Sunday it signed with 13 local and international banks a 3.7 billion riyal ($991.5 million) facility for the second phase of its aluminum project.

The financing, signed by Maaden's subsidiary Maaden Bauxite and Alumina Company, is for the construction of the second phase of Maaden and Alcoa Inc 's $10.8 billion integrated smelter and rolling mill complex, the firm said in a bourse statement.

"The loans will be paid in 21 semiannual installments... and will be for the period of 16 years. Financing agreements for the remaining 4.35 billion riyals will be completed later with Public Investment Fund and Saudi Industrial Development Fund," the statement said.

The total cost of the second phase of the Aluminium project is estimated to be 13.4 billion riyals, of which 5.4 billion riyals will be financed by the project partners on a pro-rata basis, it added.

The lending banks include National Commercial Bank, Samba Financial Group, Alinma Bank, Arab National Bank, SABB Bank, Bank Aljazira and Saudi Hollandi Bank, as well as Saudi Investment Bank, Emirates Bank and Export Development Canada, Maaden said in an emailed statement.

In addition to the smelter and rolling mill, the second phase of the joint venture will include a bauxite mine with an initial capacity of 4 million metric tons per year and an alumina refinery with an initial capacity of 1.8 million metric tons per year.

Maaden Bauxite and Alumina Company is 74.9 per cent owned by Maaden and 25.1 per cent owned by Alcoa.

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